Trading-Guru

EUR/USD Broke Through Resistance (BULLISH!)

Long
FX:EURUSD   Euro / U.S. Dollar
In my previous idea on EUR/USD I explained you how the support and resistance zone could be used for a short position trade set-up. However, we have seen that the price is breaking through the resistance zone at the moment.

That's why I decided to change it into a long trade set-up going to the next zone of resistance. I believe EUR/USD is now trending upwards, and it breaking this resistance is a strong bullish signal.

-Trading-Guru
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Comments

Going back down. Don’t be stupid
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Trading-Guru hotboyran
@hotboyran, What do you base this on? Perhaps do you have a chart you can share? Makes for a more constructive discussion
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
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I would also like to remind you that I make all of this available completely for free. If you like my work, you can help me out greatly by giving me a thumbs up on this idea
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How would you have charted this? Feel free to post a link to your own idea here as well
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.
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lmulhare Trading-Guru
@Trading-Guru, It is bullish, but trading volumes are down because it's Thanksgiving Day tomorrow. Institutional traders just hit the stops above 1.192 today & let the market drift down. I expect the same tomorrow. Thanks for sharing :)
Reply
@lmulhare, ohh this is great feedback! I hadn't considered that coming from Europe. Perhaps the price action I interpreted as resistance is actually just low volume!
+1 Reply
Ucsc14 Trading-Guru
@Trading-Guru, Not quite sure if that's irony. Just to be sure, do you expect the market makers in Europe and the UK to be active and move the market tomorrow? I don't see why they wouldn't be - it's a great opportunity to move EurUsd higher to put them in a better place to liquidate all their longs.
+1 Reply
@Ucsc14, No, no I was being candid. I expect the price not to move too much to be honest.

To try and make this statement more data-driven, I had a quick look at last years thanksgiving and we do see a small dip in volume but it's not huge:



So I'd say there is still potential for the price to move up tomorrow already, but there might be a slower move than we'd normally expect
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